Last year, Zheng signed a lucrative endorsement deal with ANTA, a sportswear company in China with ambitions to break out overseas.
Sinopec plans to use the proceeds to acquire overseas oil and gas assets of its parent company, China Petrochemical Corp.
WSJ: Sinopec Issues $3.5 Billion Bond, Asia's Biggest in a Decade
This allowed the new business, once local-government approval was obtained in China, to accept foreign private-equity money invested into the overseas holding company, while abiding by the letter of Beijing's restrictions on foreign investment in domestic enterprises.
Sinopec plans to use the proceeds to acquire overseas upstream oil and gas assets now held by its parent company, China Petrochemical Corp.
WSJ: Sinopec Issues $3.5 Billion Bond, Asia's Biggest in a Decade
Many Chinese management teams that are taking their companies public in China or in overseas capital markets do not understand what is required to run a publicly listed company.
With just over half of its revenue coming from overseas, the company is well positioned to cash in on emerging markets such as China and India, says Amanda Tepper of JPMorgan.
Nothing that happens in South Africa any time soon is going to be large enough to move the needle as far as Wal-Mart stock is concerned, but it is positive to see the company embarking on the next phase of their overseas expansion now that Brazil, China and other markets have proven successful.
The company is betting that its Five Star subsidiary can make China the retailer's largest overseas market, one that could rival U.S. operations.
WSJ: How Best Buy Tackled China's Middle Class Through Trial and Error; Jiangsu Five Star
Geely broke the equivalent of the sound barrier in China autos when it emerged as the winning bidder for Volvo, the first Chinese car company to make an overseas acquisition of a premium brand.
The state-owned company also said it would review its overseas investment strategy and risk controls--a blow to China's second-largest insurer after it successfully lobbied Chinese regulators to be the first insurer allowed to invest 15% of its assets overseas (See " China's Ping An Freed To Pour More Money Overseas").
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